Michigan Real Estate News

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Downtown Lansing

Downtown Lansing Struggles With Fewer Customers

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All Michigan downtowns have been hit by the pandemic. With decreased foot traffic and former customers continuing to work from home, business is slow. But downtown Lansing has been hit especially hard as its businesses rely on the State of Michigan office hub. Struggling businesses have lost up to 90% of their sales while waiting for state employees to return to work. Unfortunately, even once the pandemic fades, far fewer state employees will return to work on a daily basis.

Supply Chain Drives Up Home Prices

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According to home builders, materials cost increases are driving new construction home prices up, as much as 14%. Lumber price spikes have been dramatic due to mills closing the Pacific northwest and the southeast United States,  tariffs imposed on Canadian softwood lumber, and increased demand for new housing. Builders are not making additional profit; the increase is entirely due to rising materials costs. That, in turn, has caused the price of an average new single-family home to increase by $24,386.

Residential Properties Fly Off The Market

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Residential properties are flying off the market in Southeast Michigan. The average time a home spends on the market dropped from 66 days in March of 2020 to 38 days last month. Properties are moving so fast that open houses aren’t necessary. First time home buyers and those lacking a hefty down payment are struggling against the competitive market.